Sun Communities Reports Q1 Results

Sun Communities Inc., a real estate investment trust that owns and operates, or has an interest in, marinas, manufactured housing (MH) communities, recreational vehicle (RV) resorts reported its first quarter results for 2021.

For the quarter ended March 31, 2021, total revenues increased $131.7 million, or 42.4 percent, to approximately $442.0 million compared to $310.3 million for the same period in 2020. Net income attributable to common stockholders was $24.8 million, or $0.23 per diluted common share, for the quarter ended March 31, 2021, as compared to net loss attributable to common stockholders of $16.1 million, or $0.17 per diluted common share, for the same period in 2020. Acquisitions totaled $183.0 million during and subsequent to the quarter ended March 31, and included two MH communities, six RV resorts and four marinas.

Gary Shiffman, Chief Executive Officer stated, “Sun delivered a strong start to the year, as we continued to benefit from both the stability of our portfolio and the contribution of our growth initiatives across manufactured housing, RV resorts and marinas.”

Total MH and annual RV occupancy was 97.3 percent as of March 31, compared to 96.7 percent at March 31, 2020, an increase of 60 basis points.

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Marina NOI was $31.4 million for the quarter ended March 31, 2021. Refer to page 14 for additional information regarding the marina portfolio operating results. For the RV same community properties, NOI(1) declined by 4.0 percent in the quarter ended March 31, 2021, driven by a 0.2 percent decline in revenues and a 5.3 percent increase in property operating expenses. RV same community revenues were impacted by the continued Canadian border closure and the California shelter-in-place order that ran through early February 2021.